ST. PAUL, Minn. (2/2/15)--The Minnesota Credit Union Network (MnCUN) is part of a team of organizations that have come together to help promote the U.S. Consumer Financial Protection Bureau's (CFPB) "Your Money, Your Goals: A Financial Empowerment Toolkit for Social Services Programs."
Your Money, Your Goals aims to foment improved financial decision-making by consumers with a guide that covers topics such as budgeting daily expenses, managing debt and avoiding financial traps.
MnCUN, along with the other organizations, has been training frontline staff on the program so that the employees, in turn, can help members and consumers learn proper financial decision-making skills and also gain an understanding of consumer protection issues.
"Financial literacy is a key rung on the ladder to financial well-being," said Mike Rothman, state Commerce commissioner. "Gaining personal finance skills can help put people on track for a more stable and secure life. It's a vital part of making Minnesota's economy healthy and strong."
Rothman leads the Minnesota Financial Literacy Interagency Work Group--of which MnCUN is a part--that has joined the national effort.
The Minnesota team is one of five national, federal, state and local organizations that has signed up to promote the program, bringing the total number of participating organizations to 10.
The other organizations in this group include the U.S. Department of Health and Human Services' Administration for Children and Families' Office of Regional Operations; the Sault St. Marie Tribe of the Chippewa Indians in northern Michigan; the District of Columbia's Department of Human Services; and United Way Worldwide.
Together, the 10 organizations are training 5,000 frontline staff to work with clients on setting financial goals, saving for emergencies, tracking and managing income and spending, and other important financial education principles.
"The department's mission is to protect the public interest, advocate for Minnesota consumers and ensure a strong, fair and competitive marketplace in Minnesota," Rothman said. "I believe that helping people understand how to navigate complex financial issues is one of the best ways we can accomplish that mission."